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Paper&PackagingReport2023UnpackthepowerofsustainablepackagingAcknowledgmentsIlkkaLeppävuori,wholeadsBain&Company’sGlobalForestProducts,Paper&Packagingpractice,preparedthisreportwithhelpfromateamcocaptainedbyPracticeSeniorManagerJanBuddeandPracticeDirectorCatherineSafaya-James.Thechapters
ofthisreportwere
written
byBain
Partners
andExpert
Partners
IlkkaLeppävuori,Mattia
Bernardi,
Jenny
Davis-Peccoud,
Torsten
Lichtenau,
Oliver
Straehle,MelchiorBryant,PeterMeijer,MoritzVielhauer,LucianaBatista,DanielaCarbinato,MagaliDeryckere,ErikNordboe,MarcosRutigliano,FlorianD.
Mueller,SambitPatra,David
Waller,
PabloCornicelli,ManueldeSoto,AndreaIsabella,ElenaRecio,JaredLapin,JasonHeinrich,andJennyLundqvist;AssociatePartnersAnders
Bäck
andPolTarragó;
Expert
Associate
PartnerStephanie
Yee;
Senior
Manager
EmmaElofsson;ConsultantKajsaSchrewelius;andSystemiqPartnerYoni
Shiran.TheauthorswishtothankBainGlobalAdvancedManufacturing&ServicesExecutiveVicePresidentAndy
Bankert;
PartnersMichaelStaebe,NielsKoggersbol,andJens
Hjortegaard;Expert
PartnerMarkBurton;SeniorAssociateConsultantAndreasKroebl;LeilaKunstmann-SeikandAnnaCivilinifortheirplanningandmarketingsupport;
andAiliMcConnon
andPaulJudgefortheireditorialsupport.Thisworkisbasedonsecondarymarketresearch,analysisoffinancialinformationavailableorprovidedtoBain&Companyandarangeofinterviewswithindustryparticipants.Bain&CompanyhasnotindependentlyverifiedanysuchinformationprovidedoravailabletoBainandmakesnorepresentationorwarranty,expressorimplied,thatsuchinformationisaccurateorcomplete.Projectedmarketandfinancialinformation,analysesandconclusionscontainedhereinarebasedontheinformationdescribedaboveandonBain&Company’sjudgment,andshouldnotbeconstruedasdefinitiveforecastsorguaranteesoffutureperformanceorresults.Theinformationandanalysishereindoesnotconstituteadviceofanykind,isnotintendedtobeusedforinvestmentpurposes,andneitherBain&Companynoranyofitssubsidiariesortheirrespectiveofficers,directors,shareholders,employeesoragentsacceptanyresponsibilityorliabilitywithrespecttotheuseoforrelianceonanyinformationoranalysiscontainedinthisdocument.ThisworkiscopyrightBain&Companyandmaynotbepublished,transmitted,broadcast,copied,reproducedorreprintedinwholeorinpartwithouttheexplicitwrittenpermissionofBain&Company.Copyright©2023Bain&Company,Inc.Allrightsreserved.Paper&PackagingReport2023ContentsNavigatingTurbulenceinPaperandPackaging28FullPotentialTransformationinPaperandPackagingThePaperandPackagingIndustryFacesaBiodiversityCrisisWhichPackagingSubstratesAretheMostSustainable?1420HowPaperandPackagingCompaniesCanCatchUpinCommercialExcellence273239PuttingSustainabilitytoWork
inPaperandPackagingTheStateofPrivateEquityandM&AinthePaperandPackagingIndustrySustainablePackaging:WhatConsumersWantNextfromthePaperandPackagingIndustry4556TheMilloftheFuture1NavigatingTurbulence
inPaperandPackagingScenarioplanningcancreateadynamic,future-proofstrategyBy
Jason
Heinrich,
Ilkka
Leppävuori,
and
Jenny
LundqvistAt
a
GlanceSuccessfulcompaniesembrace
disruptionrather
thanfight
itby
focusing
onthevital
fewuncertaintiesthatmatterBecomingfutureready,
moresustainable,andreachingfullpotentialrequiresa
dynamicstrategyA
winningstrategy
isgoodinallscenariosrather
thanbrilliantinonecontext
buta
failure
inothersThese
days,
chiefexecutives
inpaper
andpackagingfaceextreme
uncertainty,
volatility,
anddisruption.Covid-19
caused
abnormaldemandpatterns
across
many
product
categories.
Inaddition,paperandpackagingcompanies
have
seen
record-high
volatility
ininputcosts,
spurredby
surgingenergyandchemicalcosts,record-high
inflation,andanenormousspikeinoverseas
transport
costsin2021.New
regulationisalso
scrambling
categories,
boosting
some
productswhiledestroying
others.Despite
thisacute
turbulence,
most
companies
still
rely
ontraditionalapproaches
to
strategy—such
asanalyzing
trends,
makingforecasts,
andcommittingto
a
set
ofactions
thattheyrigidly
follow—but
theseapproaches
are
unfitforthehighdegree
ofinstabilitythatmany
companies
are
currentlyexperiencing.Companies
gettingitrightembraceuncertaintyanddisruption(ratherthanfightingit)byfocusingonthevitalfewuncertaintiesthatmatter.These
includesupplyanddemandfluctuations,cost
volatility2Paper&PackagingReport2023inenergyandraw
material
prices,
andgeopolitical
risks.There
arealso
uncertainties
around
theimpactandtimingofthegreentransitionaswellasaroundnewtechnologies,
includingartificialintelligence,smartpackaging,ande-commercepenetration.Leading
companies
areengaginginstrategy
makingasa
continuousprocess
thatgenerates
a
dynamicplan.Theyare
laying
outthepossible
scenarios
thatcoulddevelop,
takingkeyactions
now,
andpreparingtheorganizationtoreactinatimelymannerviasignpostsortriggerpointswhenconditionschange.A
perfect
stormExternal
pressures
anddisruptionsare
atanall-timehigh,andcompanies
can’t
afford
to
ignoreuncertaintywhenplanningandimplementingstrategy.Covid-19
caused
demandto
surge
incertain
product
categories
suchasthepanicbuying
oftoiletpaper,andplungeinothers,suchastheradicaldropinofficepaperdemandascopyingandprintinginofficessuddenlydisappearedwhileelectroniccontractsigningtookoff.Asa
result
ofthecrisisinUkraine,
naturalgasprices
inEurope
spiked
from
analready
high€80permegawatt-hourinJanuary2022toapeakofmorethan€300permegawatt-hourinAugust,withelectricitypricesfollowingsuit(see
Figure
1).Figure
1:
Europeanenergypricevolatilityincreaseddramaticallyin2021and2022Price
in
euros
per
megawatt-hour,
quarterly500400300Electricity,
GermanyElectrictiy,
Sweden2001000Electricity,SpainNaturalgas,EuropeQ1
2021Q2Q3Q4Q1
2022Q2Q3Q4Sources:Statista;Refinitiv3Paper&PackagingReport2023Overseastransportcostsmorethantripledin2021andsustainedhighlevelsforalargepartof2022becauseofthelackofseacontainercapacityandothersupplychaindisruptions.Keychemicalsusedintheindustryhave
skyrocketedincostaswell—forinstance,starchesrosebymorethan60%,andcausticsodaincreasedbyalmost200%forsomecustomers.Regulationisalsoshiftinggrowthpatternsandinpracticeeliminatingsomeproductcategories(suchasplasticstraws)whilecreatingnewones(suchasmoldedfiberforcompostablesaladbowls).Bansandrestrictions
onsingle-use
plastics
arepropellinga
clearshiftfromplastictopaper
strawsandlids,andtheyareboosting
thedemandofrecycledcontentinPET(polyethyleneterephthalate)bottles.Recent
proposed
EUregulationaimsatreducing“avoidable
packaging”—thatis,reducingthedemandofquick-service
restaurant
packagingandshiftingfrom
single-usetableware,
forinstance,
to
washableitems,asalreadyshowcasedinFrance.Finally,
record-settingratesofinflation,increasinginterestrates,andthefearofa
recessionareadditionaldrivers
ofuncertainty.Becoming
future
ready,
more
sustainable,andreachingfullpotentialrequiresadynamicplanandcontinuousstrategyprocess.Scenario
planningScenarioplanningiscertainlynotnew,
butwhileitusedtobeanacademicexercisethatexecutivesperformedeveryfewyears,it’s
nowmissioncriticalgiventheever-increasingturbulence.Scenarioplanningbeginswithno-regretmoves,oractionsacompanyneedstotakeunderanyscenario.Then,itiskeytoidentifytriggerpointsorsignpoststosignalwhenascenariooccursso
thatyoucanreactquicklyandtakeanewstrategicdirection(see
Figure
2).Forexample,a
companyevaluatingsustainabilitymaydeterminethatunderanyscenarioitwillneedtocreatemorerecyclableandcompostablepackaginggoingforwardinlightoftighteningregulationsandchangingconsumerdemand.Itwould
start
by
investing
inR&D
to
develop
newformsofpackagingandimprove
resiliency.
Then,thecompany
would
planforvariousscenarios
thatfactor
inpossibilitiessuchasvolatileenergycosts,
inputprices,evolvingregulation,andthedollarvalueofpotentiallossesshouldeachscenarioplayout.Finally,thecompanywouldtrackclearlydefinedsignposts,andwhensignpostssuggestedonescenariobecomingmorelikely,managementcouldreactquicklyandadjust.Thecompany
would
thenuse
these
scenariosforsensitivityanalysis,meaningitcouldpressureteststrategicdecisionsandinvestments.Forexample,aninvestmentintoanewpapermillwillhavemassively
different
economics
depending
on
the
expected
growth
of
paper
demand
and
the
input
costs.Having
a
feeling
fortheextreme
upper
andlower
bounds
canhelpidentifythemost
promisinginvestmentacrossscenarios.4Paper&PackagingReport2023Figure
2:
Scenarioplanninghelpspreparefor
extremeoutcomesExamples
of
extreme2030
outcomesCategoryPossible
metrics
to
measure
impactEnd
market
demand•Growthincarton
boarddemand07%
p.a•Growthincorrugated
packaging
demand•Declineingraphic
paper
demand1%–1%7%
annually–10%
annuallyRaw
material•Averagecostofsoftwoodineurospercubicmeter•Globalmarketpulpcapacityadditions(intons)by2030€105%€100
percubicmeter30%Other
variable
costsCapital
costs•Averagecostineurospermegawatt-hourforelectricity•Worldcontainerindex(40-footcontainer)•Priceofcarbonemissionrightsperton€5$1,000€10€500
permegawatt-hour$15,000€200
perton•Interestrates06%Source:Bain&CompanySolidify
new
pricing
and
product
portfolio
managementHighinflationaryenvironments
makepricinga
priorityforcompanies.
Some
high-performingcompanieschoose
tostreamlinetheproduct
offeringandoptimizethemixtomitigatesupplyshocksanddrivegrowth.Thesecompanieseliminateproductfamiliesandstock-keepingunits(SKUs)basedoncomplexityanalytics,migratingcustomersto
a
moreprofitableportfolio.Theyrepricehigh-complexitySKUsforwhichcustomers
are
willingto
pay
more,
transformthecost
structure
oflow-marginproducts,andexitproductcategoriesthataren’tstrategicfits.It’s
alsoimportanttodevelopastrategyforpassingthroughthefluctuatingcostsofraw
materials.Thiswilldepend
onwhetheryour
contract
withsuppliers
istied
to
marketdynamics
oranagreed-uponindexthatcouldbe
tiedtoglobalinflationorcontainerboardprices,forinstance,oramixofthetwo.Whereyou
havenegotiatingpower,
you
mayneedtopushforhigherthan100%pass-throughpricing,andinothercategories,youneedtorealizethatyourcompetitivepositionissuchthatyoucan’tgetthefullpass-throughprice.
Andallthisdecision
makingneedsto
happenquickly
inresponsetomarketcircumstances.5Paper&PackagingReport2023Build
long-term
customer
relationshipsThepaperandpackagingindustryisknownforlong-termcustomerrelationships,andoneofthebestexamplesisliquidcartonpackaging,wherethereareonlyafewsuppliersandafewcustomersthatarealreadyinlong-termrelationships.Formanyoftheothergrades,youhave
manymorechoices,andinturbulenttimes,customersoftenlookforbettervaluealternatives,leadingtoincreasedchurn.Winningcompaniesinthese
categories,however,
alsoinvest
insuperiorcustomerengagement,suchasdeepercollaborationindemandplanning,inventory
management,logistics,andnewproductinnovation.Evenpackagingcompaniesingradeswithmorechoicesforcustomersprioritizedservingcustomerswithlong-term
relationshipsratherthanchasingthehighest-margincustomerswhenprices
increasedrapidlyin2022.Now
in2023,thosecompaniesarereapingthebenefitsintermsofmaintainingtheircustomers’shareofwalletbecausethoselong-termcustomershave
stuckwiththem.Double
down
on
operational
resiliency
and
traceabilityOverthepast
year,
volatileenergyprices
havebeen
themost
obvious
driverofuncertainty,andsupplychainissues,
withboth
inputandoutputprices
fluctuating
wildly,
have
also
playeda
role
(see
Figure
3).As
aresult,operationalresiliencyandtraceabilityaremoreimportantthanever.
Leadingcompaniesare
investing
inmultiplesources
ofsupply
so
thattheyarenot
dependent
ononesupplierper
category.Theyarealsothinkingabouttheirfootprintstrategyandregionalizingtheirsupplychainmorethantheyhavedoneinthepast,meaningthattheirsubcontractorsfora
givenregion(e.g.,NorthAmericanoperations)
would
be
mostly
inthatregion.Finally,
forhigh-volatilecategories,
theyare
usingcontractualtermsorhedgingtoensuretheyareprotected.Strategically
allocate
capital
expenditures,
R&D,and
M&A
fundingDownturnsareagreattimetogainmarketshare.To
win,youmustinvestselectivelytooutperformcompetitors.
Use
M&Atoreshape
theportfolio
ofbusinesses.
For
example,
in2008,
GraphicPackagingacquiredAltivityPackagingfor$1.75
billiontocreateoneofthelargestproducersoffoldingcartonsinNorthAmerica.Thecombinedcompanywasabletorealizesignificantcost
savingsandoperationalefficiencies,improving
profitabilityandsolidifying
GraphicPackaging’sposition
asa
leading
produceroffoldingcartonsinNorthAmerica.It’salso
criticaltocontinueinvestinginR&D,
allocatingcapitaltowardtherightprojects
whilemakingsuretheyareflexible.StoraEnso,
forexample,iscurrentlyinvesting€1billionintoconvertinganidlepapermachineintoa
high-volumeconsumerboardproductionline.Themachinewillbeableto
producefoldingboxboardaswellascoatedunbleachedkraft,whichcanbe
usedina
widerangeofindustries,includingfoodandbeveragepackagingforfrozen,chilled,dry,
andfastfood.6Paper&PackagingReport2023Figure
3:
Outputpricessurgedin2022Prices
index
(starting
month
January
2013)Prices
index
(starting
month
January
2013)30025020015010050300250200150100502014
15161718192021222014
1516171819202122CartonboardContainerboardPulpGraphicpaperPET
(polyethyleneterephthalate)RecycledPET
clearNotes:Graphicpaperreferstouncoatedwoodfree,coatedwoodfree,uncoatedmechanical,coatedmechanical,andnewsprint;pulpreferstobleachedhardwoodkraftpulp,bleachedsoftwoodkraftpulp,andothers;containerboardreferstokraftliner,testliner,andfluting,cartonboardreferstowhite-linedchipboard,solidbleachedsulfate,foldingboxboard,coatedunbleachedkraft,andfoodserviceboard;pricemovementswithinthesubcategorieswerehighlysimilar,thereforeanaverageacrossthecategorieswastakentoconstructtheindexSources:RISI;KunststoffInformationVerlagsgesselschaft(KIVI)Reset
the
cost
base
and
prioritize
automationBasicautomationtoolshave
becomecommoninmanypaperandpackagingcompanies.Modernmachinescanrunsawmillsandpulpmillswithvery
littlehumanoversight,anddigitalsales
channelscanautomate
many
sales
activities.
Automationcuts
costs
(because
itreduces
variability)
andimprovessafety.
Withimprovingindustrialcontrols
andclosed-loop
control
systems,fewer
employees
are
neededtorunhighlycomplexpapermachines.Goingforward,theonlycertaintyisuncertainty.Turbulencewillmostlikelyonlyincrease.Forthisreason,winningexecutivesaredesigningastrategythatisgoodinallscenariosratherthanbrilliantinonecontextbutafailureinothers.7Full
PotentialTransformationinPaperandPackagingBoostingprofitability,cashflow,
top-linegrowth,andcompanyvalueBy
Pablo
Cornicelli,
Manuel
De
Soto,
Andrea
Isabella,
Ilkka
Leppävuori,
and
Elena
RecioAt
a
GlanceAfullpotentialtransformationcanraiseacompany’s
profitability,cashflow,
top-linegrowth,andvaluetoacompletelydifferentlevelPaperandpackagingcompaniesthathave
achievedafullpotentialtransformationhave
typical-lydoubledtheirEBITDAover
twotofive
yearsSuccessfulcompaniesembraceclearpurpose,fullalignment,accountability,andsprint-basedprioritizationofactionsHow
didFedrigoni
Paper
more
than
double
its
adjusted
sales
and
almost
triple
its
EBITDA
in
just
a
fewyears?Established
in1888,theItalianfamily-runcompanyhasa
longandstoriedhistory
ofproducingspecialty
paper
andself-adhesive
labels.
More
recently,
however,
Fedrigoni
lost
twolarge
internationalbanknotecustomers,
andmarketdynamics
shifted.In2018,
Bain
Capital
acquireda
90%stake
inFedrigonifor€600millionandhelpedtheItaliancompanyexecutea
fullpotentialtransformation.Bybuildingscaleinexistingmarkets,expandingitsgeographicscope,andacquiringseveralItaliancompanieswitha
strongEuropeanpresence,Fedrigonibecame
oneofthetop
playersinself-adhesivelabels
worldwide.
Italso
embedded
sustainabilityinto
internaloperations
andits
day-to-daybusiness,developingcircularproductssuchasspecialtypapermadeof40%to100%recycledmaterialaswell8Paper&PackagingReport2023aspapercombiningpulpandalternativefiberssuchascotton,hemp,andlinen.Finally,
italsocutcosts
andoptimizedoperationalexcellence.Thankstothese
measuresandothers,investorsachievedafive
timesreturnoninvestmentwiththenewvaluationofFedrigoniat€3billion.Foreverycompanythathasinvestedattherighttimeandachievedgame-changingoperationalandcommercialresults,therehave
beenmanymorethathave
faceddecliningprofitabilityandseriousbalancesheet
issues.
Given
thiswidevariation,CEOs
andshareholdershaveprioritized
understandinghow
togeneratethemost
attractivereturnsandmakethemost
outoftheirexistingproduction
assets.“Transformation”isused
widely
inthebusinessworld,
andatBain&
Company,
a
“fullpotentialtransformation”
is
the
cross-functional
effort
to
alterthe
financial,
operational,
and
strategic
trajectoryofthebusiness.Whenimplementedsuccessfully,
thisplancandramaticallyraisethecompany’sperformanceto
a
completelydifferentlevel
intermsofitsprofitability,
cashflow,
top-linegrowth,andvalue.
Thissuccessoftenleadsto
anincreasedabilityto
makeboldnewinvestmentsinnewproductioncapacityandR&D.
Thesedays,suchtransformationplansalsooftenincludeaconcretesustainabilityplanthatoutlineshowtogettowardlower(orideallyzero)carbonemissionswithinagiventimeline,oftenthroughsiteenergy-efficiencysavingsorinvestmentsinnon–fossilfuelenergy.Successfulcompaniesarticulatea
clearpurpose
andvaluecreationplanora
roadmaptoachievetheirfullpotentialtransformation(see
Figure
1).Theyalignfullyacrosstheorganizationandsplitbiggerkeyinitiativesintomultipleshortersprints.Executivesmeetregularlytoensurethatperformanceistransparent,roadblocksarequicklycleared,anddecisionsarequicklymade.Finally,theyensurethatthebesttalentleadsthetransformation,andtheyhonestlyevaluatewheretheyaremissingcertainskills,hiringexternallytofillthosegaps.A
fullpotential
transformationusuallyconsists
ofa
five-year
planto
significantlyimprove
theEBITDAofthecompany.
Everythingonthisbroadagendacannotbesuccessfullyexecutedatthesametime.Instead,successfulcompaniesidentifyandquantifytherelevant
ways
tocreatevalue.Threedifferentways
thattop-quartilecompaniesBainhasworkedwithhave
employedspecificvalueleversaspartoftheirfullpotentialtransformationincluderevampingtheirportfoliostrategy,
steppinguptheircommercial
andoperational
excellence,
andimproving
theirperformancethrough
cost
transformationandnext-generationsourcing.Revamping
portfolio
strategy:
Leading
companiesanticipateandreact
tochangingmarketdemands,andtheyadjusttheirportfolioaccordingly.Earlylessonscanbelearnedfrompapercompaniesthatswitchedsomeyearsagofromdecliningproductssuchasgraphicpapertoproducinghigher-demandpackagingproducts
suchascarton
board
orcontainerboard.Revamping
theirportfolios
often
involveddivestingorspinningofflower-demandproducts,closingcertainpapermillsiftheyweretoooldorcostlytoconvert,ortransformingmachinestoproducethehigher-demandproducts.Today’s
leaders
also
realize
thattransformingone’s
portfolio
means
accepting
thattheywillneedtoclosecertainplantsandmakenewinvestmentstoconvertmachinesintogrowingandattractiveproductgrades.Finally,
leaderswillupgradethecommercialorganizationtoeffectivelysellthenew9Paper&PackagingReport2023Figure
1:
ValuecreationleversthataccelerateafullpotentialtransformationStrategic
choicesCommercialexcellenceCost
and
capitalefficiencyOperationalexcellenceDefine
and
refine
awinningstrategy
andambitionsAccelerate
growththrough
commercialexcellenceImprove
performanceand
sustain
costtransformationImproveoperationsthroughresults-focusedinitiativesWhereto
playHow
to
winMarket
and
customeropportunitiesFibersourcingUtilizationandproductivityProductportfoliomixOtherrawmaterialsourcingVariable
costoptimizationSite
andportfoliomanagement,including
M&APricinganddiscountmanagementWorking
capitalefficiencyAssethealthCapitalinvestmentsSalesforceeffectivenessSelling,general,andadministrative
expenseoptimizationFootprintoptimizationBusiness-to-businessmarketingSalesandoperationsplanningCustomerexperience/feedbackEnvironmental,
social,
and
corporate
governance
(ESG)
key
enablersEnergyandemissionsMaterialconsumptionWaterconsumptionandtreatmentWaste
andproductendof
lifeEmployeehealthandsafetySupplier
ESGpracticesOperating
model
and
other
key
enablersOrganizationalmodelandalignmentPeopleskills,culture,
andtalentAgiledeploymentPerformancemanagementDigitalSource:Bain&Company10Paper&PackagingReport2023productstonewcustomers.Thiscouldentailtrainingsalesteamstosellcartonboardormoldedfiberproducts
to
fast-moving
consumergoods
companies,retail
chains,orquick-service
restaurants,
insteadofsellinggraphicpapertopublishers.Stepping
up
commercial
and
operational
excellence:
Manyfull-scale
transformationsrely
onimprovingcommercialandoperationalresultsacrossdozensofproductionsites.Onepackagingproducer,forexample,startedby
settinghighambitionsto
improveoperationsvs.thebaseline.Itbegan
byseekingfulltransparencyofwhatgood
lookslikeona
verygranularlevel.Ontheoperationsside,supervisorstrackedhowworkersdidonkeyperformanceindicatordashboardsineveryplantforevery
shift,how
theshiftchangeover
was
managed,
andmany
other
details.Theydidthistoestablishtheirambitionandwherecertainteamsandplantsneededtoclosethegap.Thecompanybroughtintheequipmentmanufacturers(whoalsofunctionedasconsultants)tosharebest
practices
andhelptheteamsaccomplishoperationalexcellence.
Finally,
itconnected
those
teamsfocusedonoperationalexcellencewiththeteamsworking
oncommercialexcellenceandsourcingexcellenceto
ensurethatoperationalexcellenceimprovementswere
not,forinstance,negativelyimpacting
thecommercial
team.Sourcing
waslooped
inearlyonto
helpfindwhichmaterials,
recipes,andsupplierswereneededtooptimizeproductcost.Improving
performance
through
cost
transformation
and
next-generation
sourcing:
Other
companieshave
improvedtheircoststructureandupgradedsourcingtostaycompetitiveanddriveamultiyeartransformation.Foronecompany,thisincludedcoordinatingprocurementforkeyproduct
categoriesso
thatevery
singlemilldidnot
negotiate
withsuppliers
separately,
butinstead,
theycouldtakeadvantageofvolumediscountsandmorestrategicdialogueswithselectsuppliers.Analyzingthe
data
enabled
the
company
todeterminea
moreefficient
balance
when
choosing
amongtheshareoffibertoproduceinternally,tosourcefromexternalsuppliers,ortopurchaseontheopenmarket.Bigdataanalysisonvariedperformanceacross
allproducts
andsiteshelped
managedemandandidentifyhowitcouldreducethecost
ofchemicalsandenergywithinits
operations—forexample,through
calibrationofrecipes
andconsumptionintheproduction.
As
a
result,
thiscompanymanagedtoreducecosts,improvecollaborationbetweensourcingandkeybusinessstakeholders,andupgradethesuppliermanagementandoverallsourcingstrategysignificantly.Sourcingteamswereinvolvedearlyandthroughoutthefulltransformationprocesssoastobemorecostefficientiftheteamweretobesoughtouttoalterthep
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